GO SMALL AND LOCAL WITH YOUR HOLIDAY SPENDING THIS YEAR
Written by Jessica Murray
It’s hard to believe, but the holiday season is here. I would say next week kicks off the holiday shopping frenzy, but I started getting Black Friday emails and text messages in October this year. Nonetheless, this is a great time of year to support small businesses and give back to causes you care deeply about. Even though there are specific days — like Small Business Saturday and Giving Tuesday — these aren’t your only opportunities to show appreciation for businesses and organizations that positively impact you and your community.
If you’re not a small business owner, you might not realize how crucial the fourth quarter — and, therefore, the holiday season — is for small businesses to hit their annual goals. One 2023 study found that 73% of small- and medium-sized businesses (SMBs) indicated that the holiday season accounted for at least 25% of their annual revenue, with that number being closer to 50% for retailers. However, only one-third of consumers understood the impact of their seasonal spending on these businesses.
Given that disconnect, take this week’s newsletter as a reminder of how your contributions this holiday season can make a real difference to your favorite small business’s success this year.
Small business headwinds during this season
The holiday season is competitive, and small businesses face unique challenges as they compete for our attention and wallets. Additionally, resources are typically tighter, leading to limitations on marketing spend, expanding reach and the ability to provide deep discounts.
Small businesses also feel the brunt of certain macro factors — like rising costs and talent shortages — more than their larger counterparts, making outperformance during this season even more important to them.
Five ways to support your favorite SMBs this holiday season
With all this in mind, consider these ways to support more emerging businesses this season and give them the boost they need to close out 2024 strong.
Shop local: Purchase gifts, decor, food or services from local businesses and service providers.
Spread the word: Encourage friends and family to support SMBs this holiday season. Share your favorite brands, products, restaurants, service providers, etc.
Donate and volunteer: Support causes you care most about by donating or volunteering time to non-profits.
Tip: Do you have small business service providers who have exceeded your expectations this year? Consider showing appreciation with a holiday tip.
Leave positive reviews: Share thoughtful reviews about your experience with a business, its products and/or services. These can make a big difference in small business’s ability to attract new customers.
At Empower, we’re passionate about supporting emerging businesses and helping more of them succeed. These businesses are the backbone of our local economies and enrich our communities. By each of us doing our part to lift them up, we’re investing in the long-term viability of aspiring entrepreneurs. Let’s think small this season and remember how each of our actions can have more of an impact than we realize.